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Internal Revenue Code of 1986

The main body of federal tax law in the United States, which outlines rules for taxation, deductions, and credits.

Charitable Deduction

A reduction in taxable income allowed for contributions made to qualifying charitable organizations, which lowers the amount of tax owed.

Community Learning Center

An organization, typically non-profit, that provides academic enrichment opportunities, particularly during non-school hours (like afterschool or summer), for children and their families.

Real Property

Land and anything permanently attached to it, such as buildings.

Tangible Personal Property

Movable items that are not permanently attached to land or buildings, such as furniture, equipment, or vehicles.

Fair Market Rental Value

The price that a property would rent for in an open and competitive market, under all conditions requisite to a fair sale, with the renter and landlord each acting prudently, knowledgeably, and typically unpressured.